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diego5
Level 1

How can I categorize my SBA loan in order to not get taxed on the loan?

 
1 Comment 1
Rustler
Level 15

How can I categorize my SBA loan in order to not get taxed on the loan?

create a liability account named for the loan, and use that account as the source account for the deposit

 

if at tax time the money is indeed tax free, do a journal entry

debit the loan liability account

credit an income account created under other income named tax free (covid) income

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